It's a scam because the item transacted is not the item sold. The lifestyle of BAYC is "membership into an elite fraternity of forward-thinkers" which is how everything has been sold since it became illegal to ban women and minorities. "There are concerts" - I mean, I mixed Los Lobos, Sugar Ray and Blues Traveler for anyone willing to cough up 10,000 Marlboro Points to see a "mystery show for Marlboro smokers only". The more oblique the marketing, the less intrinsic value - "Marlboro, for elective cancer" doesn't sell nearly as well as "Marlboro, you're a cowboy."

"Enjoy it and have no regrets?" You're implying that people can't see concerts unless they pony up six figures for an ape gif. What's going to feed that lifestyle? What will BAYC be doing five years from now? What's the revenue model? What's the guarantee? I mixed a number of IPO parties, too - spraypaint the ficus trees gold and hire the Presidents of the USA to play the christmas party so everyone knows how cool our company is, buy our stock.

Reddit accounts are becoming NFTs.

You think they're gonna go for 20ETH? Again - I'm a big booster of NFTs in general. I think their use cases are boundless. I think their use cases for ART are boundless. But if I had a choice between a bored ape or a Damien Hirst, I'd buy the Hirst and I HATE Damien Hirst.

Crypto peeps made a lot of money by understanding crypto. They think they're going to make more money because they think no one understands art. They do, though - there's a lot of learning, a lot of experience and a lot of tradecraft that is being applied to NFTs and it's going to shake it all out because at the end of the day, the platform is just the platform.